Insurance Needs for Your College Student

In just a few weeks, college campuses will be coming back to life after a long, quiet summer. Freshmen will be participating in orientation, trying to navigate their way around campus, and adjust to life away from home; upperclassmen will be catching up with friends, getting mentally prepared to take their most challenging classes, and start thinking about graduation and securing a job or internship. There’s so much for students to think about; chances are insurance isn’t near the top of that list. This is something parents can think about instead. If your child is going off to college this fall, there are some insurance policies that can benefit them while they’re away from home:

Renters. If your child will be living in an off-campus apartment, encourage them to purchase renters’ insurance.  There are several benefits to this type of coverage:  it will cover personal belongings (including furniture, clothing, and electronics) if they are damaged or stolen; medical payments for anyone who is injured at your child’s apartment, and expenses if your child’s residence is having major repairs and he needs a place to stay for a few days.

Auto. Your child may or may not have a car on campus for various reasons. (Some colleges don’t allow freshmen to have cars, for example). Some carriers offer discounts on car insurance depending on how far your child will be from home (more than 100 miles is the standard distance for the discount with most carriers). It’s a good idea to leave your child on your insurance policy, otherwise their coverage will lapse when they purchase their own policy, resulting in a higher payment.

Identity theft.  With so much business conducted online and personal information a prime target for hackers, identity theft is a real potential risk for college students. Identity theft insurance, along with credit monitoring plans and similar services, is meant to protect your child from the expenses incurred from having their identity stolen. This type of coverage is relatively new, only a few carriers sell it, and it’s gotten mixed reviews—financial and cybersecurity experts say that protecting confidential information, such as Social Security numbers and bank account PINs, is a better strategy than purchasing identity theft insurance. It is best to do your research and weigh the advantages and disadvantages before you buy this type of coverage for your child.

If you’re sending your child off to college and want to make sure they have the right insurance, contact us. We work with over 50 carriers, and as independent agents, we can shop the market to find the best coverage at the best price.

Have you purchased any of the above policies just for your college-age child? What was your experience? We’d love to hear about it in the comments below!